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CIPS L4M8 exam is an online exam that consists of 60 multiple-choice questions. Candidates have a total of 90 minutes to complete the exam, and they must achieve a minimum score of 50% to pass. L4M8 exam is available in several languages and is administered at various testing centers around the world.
To be eligible to take the CIPS L4M8 Exam, candidates must have completed the CIPS L4M1 (Procurement and Supply Operations) certification or have equivalent qualifications and experience. L4M8 exam is available in both paper-based and computer-based formats, and candidates can choose the format that suits them best.
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CIPS L4M8 certification exam is designed to assess the knowledge and skills of procurement and supply professionals. Procurement and Supply in Practice certification is ideal for individuals who are looking to advance their careers in procurement and supply chain management. L4M8 Exam covers a wide range of topics, including procurement processes, contract management, supplier relationship management, and risk management.
NEW QUESTION # 169
Which Incoterm applies here?
The supplier is responsible for delivering the goods to the buyer's premises include arranging any custom clearances that applies, bearing all risk up until this point.
Answer: A
NEW QUESTION # 170
Create a list of tangible, intangible, direct and indirect needs within an organization with which you are familiar.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Tangible costs are the cost an organization incur acquiring items that can be physically touched and or seen.
Examples includes; 1) Capital Purchase 2) Raw materials 3) Sundry items 4) Vehi-cles/transport 5) Utilities Intangible costs are the cost an organization incurs acquiring something that cannot be physically seen or touched. Examples include; 1) Insurance 2) Marketing 3) Research and development 4) Salaries and/pension
5) Services 6) Training.
Direct costs - These are costs that an organization incurs acquiring product and services directly attributable
/traceable to its production, for example, the cost of labour and materials directly uses to produce the goods
/services which the organization sells. In the case of buying and running a Lorry for transport fleet, this would be 1) total cost of acquiring the lorry,) Tooling 3) Operation.
Indirect cost - These are costs that are not directly associated to production, for example, materials and services not used in production, labour/ staff cost not directly attributed to production, such as management, sales and marking, ICT support, rents. In the case of buying and running a Lorry for transport fleet. Examples are; 1) Insurance 2) Disposal.
* Go back to the question column and study the Questions and response
NEW QUESTION # 171
What is the method of monitoring suppliers?
Answer:
Explanation:
When a contract has been awarded, either is to meet tangible needs or intangible needs, contractors or suppliers should be managed to ensure that they are meeting up with fulfilling their contractual agreement. To establish this, there are methods of managing contracts and suppliers.
Service level agreement (SLA) clauses: is placed in contract to ensures that supplier meets the expected and agreed level of service Key performance indicator (KPI): are used to manage contracts that fulfill tangible needs, the KPIs are set performance thresholds that are used to monitor supplier's performance.
Management by objectives (MBO): is the process of defining objective that are strategic to the organization relating them to the vision and mission and communicating them to the supplier through the contract and ensuring that this objective is met during contract performance.
Reviews: Regular supplier reviews are good practices, for it gives the buyer opportunity to give feedback on performance.
Continuous Improvement: Contracts and suppliers can be monitored through how they are chang-ing for better incrementally as they are fulfilling the schedule. There must be a set down system to timely improve on the process, people and continuously reduce waste.
Training: It is essential that training, are provided to come up on areas supplier is lacking.
* Refer to the question column for response
NEW QUESTION # 172
What is business case?
Answer:
Explanation:
See the answer in explanation.
Explanation:
A business case is a document containing the justification and the commercial benefits achievable for a potential project or an identified need, for example, the purchase of a capital equipment, con-struction of an additional warehouse or procuring more innovative software to replace the current on in use.
The essence of the business case is to obtain support and get buy-in from senior management.
In order to gain authority to apply whole life asset management a business case will need to be created and presented. A developed business case will cover the following element.
1) Introduction: Outline of what the business case is all about
2) Objective: Explanation of what the business case desired outcome is.
3) Approach that will be undertaken
4) List of resources required
5) Benefits of achieving the objective
NEW QUESTION # 173
What is a cross function team?
Answer:
Explanation:
A cross-function Team is the involvement of all departments that are in an organization to contribute knowledge, skills and innovation towards adding value to achieving the organization's strategic goal.
Example, procurement, maintenance, marketing, finance, human resources working together in procurement activity to come up with the best strategy or selecting the supplier that best suit the organization.
When working in a cross-functional team, members of the organization give support by believing in the end goal, assist during difficult time, help troubleshoot any issue, providing the required resources and sharing information Refer to the question column for response
NEW QUESTION # 174
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